Zoomlion Signs Strategic Cooperation Agreement with EABC at the 3rd China-Africa Economic and Trade Expo, Further Promoting Joint Development with African Partners

CHANGSHA,China,July 7,2023 -- Zoomlion Heavy Industry Science & Technology Co.,Ltd. ("Zoomlion"; 1157.HK) deepened its commitment to Africa at the 3rd China-Africa Economic and Trade Expo held from June 29 to July 2 in Changsha,China. On July 3,Zoomlion Agriculture Machinery Co.,Ltd. ("Zoomlion Agriculture") signed a strategic cooperation agreement with Ethiopian Agricultural Businesses Corporation (EABC),leveraging their combined strengths.

Zoomlion Signs Strategic Cooperation Agreement with EABC at the 3rd China-Africa Economic and Trade Expo,Further Promoting Joint Development with African Partners

Zoomlion Agriculture will provide Ethiopia with agriculture machinery equipment,service support,spare parts maintenance,and staff training to promote the modernization of agriculture machinery and agricultural transformation. Beyond serving the local market,Zoomlion will also export agricultural equipment to neighboring countries.

As one of the first Chinese companies to enter the African market,Zoomlion has established a comprehensive sales network across the continent and operates wholly owned subsidiaries in Kenya,Tanzania,Nigeria,and Algeria,and has become one of the top three Chinese equipment manufacturing exporters in Africa. Over 10,000 units of Zoomlion equipment are currently in service in Africa,and the company's business is growing rapidly by an average of 50 percent annually.

"Zoomlion is very optimistic about the African market,and as the Chinese construction machinery industry is becoming more proactive in the international market,we are keen to establish a comprehensive industry chain in Africa,encompassing trade,finance,services,manufacturing,and R&D," said Fan Zhide,assistant general manager of Zoomlion Overseas Company.

Robert Cook,founder of ZLT Cranes in South Africa,attested toZoomlion's quality. "ZLT Cranes purchased a QY50V truck crane from Zoomlion in 2007. Now in service for 16 years,it exemplifies Zoomlion's reliability." ZLT Cranes has since sold over 330 units of Zoomlion equipment in South Africa,with many used in major construction projects including the main stadium for the 2010 FIFA World Cup and the Kusile power station.

Zoomlion has also customized equipment and solutions for African customers that best suit the construction requirements and environmental conditions,including a high-performance tower crane used in the construction of the 385.5-meter Iconic Tower project in Egypt,Africa's tallest building. The customized model is easy to assemble,disassemble,and transport,and adaptable to the high-temperatures and windy climate.

Looking forward,Zoomlion will continually support Africa's rapid development with high-quality products and professional,efficient services that will bring significant value to the African market.